Petrol and diesel prices on Wednesday remained unchanged for the 11th day in a row. The fuel rates across the country have been at a standstill since the last price hike which happened on July 17, 2021. After the change no changes in either fuel’s price tag took place. Having said that, the price of petrol and diesel continue to maintain an all-time high as they stagnate. The last hike in rates saw the rate of petrol go up by 26 to 34 paise across major metros, while diesel prices went up by 15 to 37 paise for the same. Diesel prices have been on the border of the Rs 100-a-litre mark, while Petrol rates have crossed well over that line.
The price of petrol in Mumbai stands the highest of the major metro cities. Mumbai’s pump rate has been at a standstill of Rs 107.83 per litre, which was a 26 paise hike from the last rate. In Kolkata, the price of petrol saw a 34 paise increase on its previous hike, which left the price standing still at Rs 102.80 per litre. In the metro city of Chennai, the rates had reached and stood still at an all-time high of Rs 102.49 per litre of petrol. This means that for the past 11 days motorists in this big city have been shelling out 26 paise more. Up north in the nation’s capital, Delhi, citizens have been battling a price of Rs 101.84 per litre, which is 30 paise more than they were paying before the hike. Bangalore has also seen better days as the previous hike left the price 31 paise higher at Rs 105.25 per litre.
Diesel prices which have been on the edge of the triple-digit territory have been stagnant as well. Mumbai’s diesel price continues to hold steady on July 28, at Rs 97.45 per litre. Delhi maintains its price of Rs 89.87 per litre. Meanwhile, state-run oil companies are charging people in Chennai a price of Rs 94.39 per litre of diesel. In Bangalore, motorists have been paying Rs 95.26 per litre of diesel. To the west, Kolkata is not any different as citizens are facing a diesel rate of Rs 93.02 per litre.
The bulk of the final retail price of fuel is largely due to the taxes levied against it. These taxes include Central Government fuel excise duty, state-level taxes and Value-Added Tax (VAT). Added to this are the charges racked up by the state-run oil companies. On the other side of the coin, there are the international crude oil prices and the Dollar-to-Rupee conversion rate to consider.
Speaking of which, the oil prices in the international market have seemingly steadied on Tuesday according to a Reuters report. This comes ahead of the release of US inventory data which has investors concerned about the state of demand across the world. They worry that the demand could face a bump in the road due to rising Covid-19 cases, even though the supplies are tightening and vaccinations are going up, as per the report.
Brent crude futures fell by 2 cents, which left the final price per barrel at $74.48. This marks the first decline for Brent crude in six days says the report. On the other hand, US West Texas Intermediate (WTI) crude fell by 26 cents. This is a 0.4 per cent decline, which leaves the price of crude at $71.65 per barrel according to Reuters.
Check petrol and diesel prices for July 28 in the below table:
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